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*US equities rally as GDP data raises hopes for a soft landing*
*27 January 2023*
Nasdaq 100 Index 12051.48, (2%)↑
S&P 500 Index 4060.33, (1.1%)↑
Dow Jones Indus Avg Index 33949.41, (0.61%)↑
US shares rose as investors digest the latest batch of corporate earnings and *Q4 GDP* that came in above expectations. The *S&P 500*?closed at its highest since early December. The *Nasdaq* also rose to its highest level since September last year. The *10-year Treasury yield* rose to around 3.50%. 10 of 11 sectors ended in the green, with *Consumer Staples* the sole sector in the red, while *Energy* led shares higher. The *VIX (-1.73%)* decreased to 18.75.
*US Q4 GDP* rose more than expected at 2.9% YoY, down from 3.2% in Q3. This suggests that a soft landing is possible, although recession risks persist. *Weekly Initial Jobless Claims* unexpectedly dropped to 186k from 192k, pointing to a still-tight labor market. Investors will also be looking forward to today's *Core PCE Price Index* and *Personal Income/Spending* due *21:30 Singapore Time*; as well as the *Michigan Consumer Sentiment Index* at *23:00 Singapore time*.
*Seagate Technology (+10.86%)* surged a day after beating EPS and revenue estimates. *Las Vegas Sands (+6.09%)* popped after revenue grew 11%. *Tesla (+10.97%)* soared after posting strong quarterly results, supported by price cuts which helped boost demand. *Southwest Airlines (-3.17%)* fell on poor earnings and warned of a loss in the current quarter. Both *United Rentals (+9.94%)* and *Steel Dynamics (+7.71% )* jumped a day after announcing Q4 results. After hours, *Intel (-9.67%)* plummeted following a poor Q1 sales forecast and after missing top and bottom line estimates, citing weak PC demand and tough competition. *Visa (+1.35%)* rose on strong quarterly results.
*27 January 2023*
Nasdaq 100 Index 12051.48, (2%)↑
S&P 500 Index 4060.33, (1.1%)↑
Dow Jones Indus Avg Index 33949.41, (0.61%)↑
US shares rose as investors digest the latest batch of corporate earnings and *Q4 GDP* that came in above expectations. The *S&P 500*?closed at its highest since early December. The *Nasdaq* also rose to its highest level since September last year. The *10-year Treasury yield* rose to around 3.50%. 10 of 11 sectors ended in the green, with *Consumer Staples* the sole sector in the red, while *Energy* led shares higher. The *VIX (-1.73%)* decreased to 18.75.
*US Q4 GDP* rose more than expected at 2.9% YoY, down from 3.2% in Q3. This suggests that a soft landing is possible, although recession risks persist. *Weekly Initial Jobless Claims* unexpectedly dropped to 186k from 192k, pointing to a still-tight labor market. Investors will also be looking forward to today's *Core PCE Price Index* and *Personal Income/Spending* due *21:30 Singapore Time*; as well as the *Michigan Consumer Sentiment Index* at *23:00 Singapore time*.
*Seagate Technology (+10.86%)* surged a day after beating EPS and revenue estimates. *Las Vegas Sands (+6.09%)* popped after revenue grew 11%. *Tesla (+10.97%)* soared after posting strong quarterly results, supported by price cuts which helped boost demand. *Southwest Airlines (-3.17%)* fell on poor earnings and warned of a loss in the current quarter. Both *United Rentals (+9.94%)* and *Steel Dynamics (+7.71% )* jumped a day after announcing Q4 results. After hours, *Intel (-9.67%)* plummeted following a poor Q1 sales forecast and after missing top and bottom line estimates, citing weak PC demand and tough competition. *Visa (+1.35%)* rose on strong quarterly results.
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